Fidelidade retains all workers and seeks more after acquisition of Impar in Mozambique

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Fidelidade retains all workers and seeks more after acquisition of Impar in Mozambique

12:16 CAT | 09 Mar 2022

File photo: Lusa

Fidelidade insurance company will operate with 200 direct employees in Mozambique after the acquisition of 70% of Impar, retaining all the employees of both brands and seeking to strengthen the teams, it was announced yesterday in Maputo.

“We are not going to reduce the workforce : we need more people,” said Jorge Magalhães Correia, chairman of Fidelidade’s board of directors, at a meeting with journalists in the Mozambican capital.

On a visit to Maputo, Correia highlighted the good spirit of the teams he had met, “with a smile on their lips” and “an optimistic attitude”, concluding that the operation had a “very positive starting point”.

The still small market is growing in Mozambique, increasing by 20% per year, mainly anchored in large gas exploitation projects, a niche market in Mozambique which Fidelidade wants to explore.

This scenario encourages the insurer want to increase its teams, as well as scouting a unique location for its new headquarters to house the now united insurers.

After the acquisition, the brand will be one of the three leading insurers in the market, according to data from the Instituto de Supervisão de Seguros de Moçambique for 2020.

During his visit to Maputo, the leader of Fidelidade reiterated that the bet on Mozambique is a “strategic investment” in line with international ambitions.

“International expansion is a priority initiative for Fidelidade” since its privatisation and the entry of Fosun, the Chinese shareholder that currently holds 80% of its capital, Lusa learned in an interview with Andre Cardoso, executive director of international operations, in January.

“After the result of the integration” of structures in the two operations, the new ‘Fidelidade-Impar’ company could realise “€35 million in premiums”, which “for the Mozambican market is already very interesting” and represents a market share “close to 14%”.

“There is an expectation that we will grow above the market,” Cardoso summarised.

Source: Lusa